Results 8,561-8,580 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Bank Debt Restructuring (17 Jan 2013)

Michael Noonan: As the deputy is aware, the Irish Government bonds acquired by IBRC in settlement of the second instalment due on the IBRC promissory notes have a stated maturity date of 13 March 2025 at which point it is envisaged they will be repaid by the State for cash with the resulting balance sheet impact. These bonds have been used by IBRC as collateral for a securities repurchase transaction with...

Written Answers — Department of Finance: Personal Insolvency Act (17 Jan 2013)

Michael Noonan: The Deputy will be aware that the Personal Insolvency Act was signed into law by the President on the 26 December 2012. The Act will now be subject to a commencement order by the Minister for Justice, Equality and Defence. It will be a matter for the covered banks, and indeed for all relevant creditors, to engage with any proposal made by a debtor under the debt resolution frameworks...

Written Answers — Department of Finance: Legislative Programme (17 Jan 2013)

Michael Noonan: It is intended that legislation giving effect to Real Estate Investment Trusts (REITs) will be introduced through Finance Bill 2013.

Written Answers — Department of Finance: Tax Yield (17 Jan 2013)

Michael Noonan: I am informed by the Revenue Commissioners that most recent data available in relation to corporation tax returns is in respect of 2010. In that regard, I would refer the Deputy to my reply to Parliamentary Question number 1739/13 which was answered on Wednesday, 16 January 2013 in which I provided the available information requested.

Written Answers — Department of Finance: Property Taxation (17 Jan 2013)

Michael Noonan: I propose to take Questions Nos. 24 and 64 together. I previously advised the House in my reply to Question no. 57388/12 that the Revenue Commissioners would be resourced to ensure the successful implementation of the tax. The additional resources required for 2013 are noted in the Department of Public Expenditure and Reform Expenditure Report 2013. The Estimate cost for implementation of...

Written Answers — Department of Finance: Tax Reliefs (17 Jan 2013)

Michael Noonan: I assume the Deputy is referring to the clawback of tax relief associated with rented residential accommodation if the property ceases to qualify within the 10 year holding period. I am informed by the Revenue Commissioners that the relief is withdrawn by treating the relief already used as rent received in the period in which the property ceased to be a qualifying property. It is not...

Written Answers — Department of Finance: NAMA Operations (17 Jan 2013)

Michael Noonan: I propose to take Questions Nos. 26 and 39 together. I am advised by NAMA that it is currently assessing a wide range of projects in Ireland that may be suitable for development by reference to projected demand and that decisions to invest will be based on those projects that are likely to generate a strong commercial return to the taxpayer. NAMA advises that project appraisal is still...

Written Answers — Department of Finance: Tax Code (17 Jan 2013)

Michael Noonan: The position is that no changes were introduced in Budget 2013 to marginal rates of tax on income apart from those applying to those aged 70 years and over and medical card holders (PAYE /and self-employed income earners) whose income is in excess of €60,000 per annum. In such cases, the standard rates of Universal Social Charge will apply from 1 January 2013. This measure will have...

Written Answers — Department of Finance: Promissory Notes (17 Jan 2013)

Michael Noonan: As the Deputy is aware, the Irish Government has been working extremely hard to secure a deal on the Irish bank debt with our European partners and detailed work will continue to ensure that positive moves in Europe are harnessed to maximise the benefit to the Irish taxpayer. I have previously stated that I am working to try and achieve a solution to the IBRC Promissory Note issue before...

Written Answers — Department of Finance: Banking Sector Remuneration (17 Jan 2013)

Michael Noonan: I propose to take Questions Nos. 29 and 46 together. A significant amount of work has been completed on the review of bankers’ remuneration. I expect the report to be submitted shortly whereupon I will start consultations with the various stakeholders. As I have said previously, I fully recognise that there is a real public interest in the levels of remuneration at the covered...

Written Answers — Department of Finance: Economic Policy (17 Jan 2013)

Michael Noonan: This Government took office in March 2011 inheriting an economy that had not seen growth since 2007 and with most of the key macroeconomic indicators in negative territory. Employment was in decline while unemployment was still rising. This Government immediately set out about putting the economy on the path to recovery and outlined a number of priorities aimed at fixing our broken banking...

Written Answers — Department of Finance: Banking Sector Regulation (17 Jan 2013)

Michael Noonan: Public interest directors do not have a formal reporting relationship to the Minister or to the Department of Finance and as yet I have no plans to schedule regular meetings specifically with the public interest directors of the covered banks. However, I did meet with directors of the Boards of AIB, Bank of Ireland and PTSB last week at which 5 public interest directors were present. The...

Written Answers — Department of Finance: NAMA Social Housing (17 Jan 2013)

Michael Noonan: The Deputy may wish to consider my response to a parliamentary question from Deputy Barry Cowen on 13th December 2012, which deals with this matter in some detail. NAMA advises that it has identified 3,879 residential properties controlled by its debtors and receivers as being available for social housing provision. This represents a very substantial contribution by NAMA in the context of...

Written Answers — Department of Finance: NAMA Portfolio (17 Jan 2013)

Michael Noonan: As the Deputy is aware, NAMA has acquired loans from five participating institutions and is not the owner of properties nor is it involved in the day-to-day management of properties. The Agency’s role is, like a bank, that of a secured lender. Other than properties that have been enforced, all of which are listed on NAMA’s website and which are managed by the appointed...

Written Answers — Department of Finance: Unemployment Levels (17 Jan 2013)

Michael Noonan: I propose to take Questions Nos. 34 and 49 together. The Department’s most recent forecasts, as published on Budget Day, are for employment growth of 0.2 per cent in 2013. The pace of employment growth is projected to pick-up thereafter, with the result that unemployment is expected to fall to just over 13 per cent by the end of 2015. These forecasts are broadly in line with those...

Written Answers — Department of Finance: Regulatory Impact Assessments (17 Jan 2013)

Michael Noonan: The Local Property Tax was legislated for by way of The Finance (Local Property Tax) Bill 2012. Paragraph 2.20 of the revised Regulatory Impact Assessment guidelines, published in June 2009 and available at, states that it is not compulsory to apply a regulatory impact assessment to a Finance Bill. In addition, paragraph 2.21 of the guidelines states: the publication of a RIA may not be...

Written Answers — Department of Finance: Sovereign Debt (17 Jan 2013)

Michael Noonan: I propose to take Questions Nos. 36 and 50 together. The recently agreed package of measures for Greece is designed to help put its economy on a path to sustainable growth and its domestic finances on a sound footing. This package was agreed in the context of the statement by Euro Area Heads of State or Government that the scale of the Greek problem is so large that it requires special...

Written Answers — Department of Finance: Banking Operations (17 Jan 2013)

Michael Noonan: I propose to take Questions Nos. 40, 55 and 61 together. As announced by my Department last week the State was successful in disposing of its entire €1 billion holding of Contingent Capital Notes (CCN’s) in Bank of Ireland. The transaction followed an initial approach by a number of investment banks to the Department late last year which indicated that there was sizeable...

Written Answers — Department of Finance: Fiscal Policy (17 Jan 2013)

Michael Noonan: The process of fiscal consolidation has seen approximately €28 billion of budgetary measures put in place between 2008 and 2013. Taken as a whole, these budgets have been progressive in nature over the period and this is reflected in the ESRI’s analysis. While the ESRI report states that the budget had a larger proportional impact on the lowest income group than the higher...

Written Answers — Department of Finance: Banking Operations (17 Jan 2013)

Michael Noonan: The NTMA has responsibility for maintaining a relationship with each of the rating agencies, in connection with the sovereign credit rating. Each rating agency visits Ireland at least once a year as part of their formal rating review processes. Meetings are scheduled with all relevant authorities during these visits, including the Department of Finance, NTMA, Central Bank and other public...